There are several business and finance concepts that managers and executives need to understand. Most of them can be learned in college or while earning a graduate degree. Others can be learned through learning and development programs offered by the companies we work with, while some concepts can be explained further in seminars and workshops. Even our day to day experiences at work can help us better understand different kinds of key business and finance concepts, just like strategic management. But what exactly is strategic management? It is no surprise that there are still some managers and executives who seem to not have a good grasp of what this concept means, and it can help much if we start to learn more about it today.
What is strategic management? This concept refers to the area of thought that deals with major emergent and intended initiatives or steps taken by managers and executives, at times on behalf of business owners or investors. These initiatives involve the utilization of certain resources in an effort to enhance or improve the performance of the company, especially in its external environments. It involves the development of the mission, vision, policies and plans of the business. And in doing so, it is quite important that managers and executives get to have some form of strategic thinking involved.
In many cases, the balanced scorecard concept is used to evaluate or assess the progress of the business towards its objectives or goals, and in reviewing its overall performance. Through the right kind of strategic thinking, managers and executives are able to set the overall direction for the business. And having said this, it can be safe to think about strategic management as an ongoing process that needs to be evaluated to check if the business is still on track in terms of achieving its goals.
There can be several ways to better understand what is strategic management, especially the real meaning behind this concept. As have been mentioned, it can be through an mini MBA course or through learning and development programs formulated by the company.
What is important is for executives and managers to have a good grasp of not only strategic thinking, but strategic management as well. In this way, they can be able to come up with strategies that can truly bring the business closer towards the achievement of its goals and objectives, bring more success to the enterprise.
CMOE has been helping companies with strategic thinking and team building since 1978. Through what is strategic management and other innovative business techniques CMOE has established themselves a leader in the business world. Visit www.cmoe.com for more information.